Italian Mario Draghi will be stepping down as president of the European Central Bank (ECB) next October. As speculation regarding who will replace him is already underway, Bloomberg ranked likely contenders for the influential position, one of whom is Bank of Estonia Governor Ardo Hansson.
Bloomberg noted that whoever is to succeed Draghi will have big shoes to fill. The current president's eight-year term has been largely dedicated to crisis-fighting measures and the promise to do what it takes to preserve the stability of the euro.
The next president of the ECB will be chosen by the governments of EU member states, and will likely be tasked with rebuilding buffers before the arrival of the next economic downturn.
Bloomberg interviewed 34 economists earlier this month, who awarded one to three points to their top three conteders for the next president of the ECB, with their number one pick receiving three points, number two pick two points, and number three pick one point. Each individual result was thereafter divided by the maximum possible number of votes and then multiplied by 100 for a final score.
Germany's Jens Weidmann, director of Deutsche Bundesbank since 2011, led the ranking by a large margin with 84 points. Weidemann was followed by Governor of the Bank of France François Villeroy de Galhau with 26 and Governor of the Central Bank of Ireland Philip Lane with 23 points.
Managing Director of the International Monetary Fund (IMF) Christine Lagarde was ranked fourth with 15, and Governor of the Bank of Estonia Ardo Hansson rounded out the top five with 12 points.
In its notes regarding Hansson, Bloomberg noted that the 59-year-old Chicago-born and Harvard-educated Estonian has been one of the most consistent critics quantitative easing and the bond purchases that began in 2015.
Editor: Aili Vahtla